Best Inventory Management Software in India

Yarab A |Updated on: May 23, 2023

An Inventory Management Software that’s fast, flexible, and accurate

A versatile inventory management software, TallyPrime helps small and medium businesses maintain optimum inventory levels. Not just that, it adapts to the way you work giving you insightful reports to help you manage your business efficiently.

What is inventory management software?

Inventory management software is a software system that helps you to track, control and manage inventories efficiently. By integrating several functions associated with inventories, inventory management software helps you to organize, store, track material movements, consumption, manufacturing, order processing etc.

The key aspect of Inventory management software is to maintain an optimum number of inventories, which ensures uninterrupted production, sales, high customer satisfaction, reduced inventory handling cost and so on. In simple words, using an inventory management software, you can maintain the right level inventories at the right time without worry of over/understocking and keep the inventory handling cost at low.

Key features of TallyPrime inventory management software solution

1. Simplified stock management Organise your stock by product type, brand, colour, size, etc. by creating unlimited stock groups and categories. This being a small business inventory management solution, you can easily organize the stock the way you want easily.
	2. Warehouse/location management Store and track your inventory in real-time by warehouse, racks, lot, bin, etc. You can create multiple godowns to store raw materials, finished goods, components, etc. at different locations such as warehouses, production floors, or showrooms.
3. Manufacturing Record the complete cycle of manufacturing right from the receipt of raw materials to the dispatch of finished goods including the details of by-products, co-products, and scrap.
	4. Manage inventory batch-wise and lot-wise You can store and track inventories by lots, batches, etc. along with manufacturing and expiry date management. What’s more? The powerful inventory reports such as batch summary, batch-wise aging, etc. help you manage your inventories efficiently.
5. Invoicing You can create a professional-looking invoice in seconds and customise it the way it suits your business. You can print your company logo, add or remove the invoice details using the host of invoice configuration and track the receivables easily.
	6. Bill of materials Define multiple bills of materials (BoM) with a complete list of components, raw materials, assemblies, co-products, by-products, and scrap, etc. along with the quantities required to manufacture a finished product.
7. Accurate inventory reports Accurate and actionable inventory reports such as stock ageing, movement analysis, re-order level, etc., help you manage optimum inventories always.
	8. Job-Work Record, track and manage material issues, receipts, and consumption in the job work process both as a principal manufacturer and job worker.
9. Manage stock from/far third party Manage and track inventories that have been sent or received from a third party, separately from your regular stock, especially in case of job work, consignment sale, and similar situations.
	10. Job/project-wise costing Complete track of cost and revenue in form of specific order costing for all those manufacturing jobs undertaken according to customer requirements and specifications.
11. Online business reports Securely access your business data anytime, anywhere using a web browser.

Benefits of using an inventory management system software for small businesses

Easy to manage and track inventories	Increase in productivity	Accuracy in recording and tracking inventories
No worries of understocking and overstocking of inventories	Increased customer satisfaction	Cost optimization at all level of inventories
Get to know the fast-moving and high profitable inventories	Help you get rid of the risk of old and expired stock	Insights from reports help you in on-time business decisions

Key inventory reports for every small and medium Business

1. Stock Summary - A statement that shows you the details of closing stock along with consumption details.
	2. Godown report – A report that shows you the availability of inventories at the different storage locations.
3. Movement analysis report – Tracks and displays the movement of stock for a given period.
	4. Stock ageing report – This report keeps track of stock age by classifying it into different ageing intervals.
5. Re-order level – Using this report, you can get to know the shortfall and the ones that require to be replenished.
	6. Item-wise profitability report –Using this inventory report, you can get to know the item-wise profitability.
7. Order summary – You can track the orders that are placed, pending, completed etc.
	8. Stock Transfers – This report shows the details of inventory that transferred across different storage locations or godowns.
9. Batch summary (Mfg. and Exp. date) – You can track the batch-wise or lot-wise inventories along with the manufacturing and expiry details.

How to Manage Stock & inventory in TallyPrime inventory management software

managing inventory in TallyPrime

List of businesses that require an Inventory Management Software

Inventory management software is a must for all businesses that deal with inventories, irrespective of the size of the business. Here is the list of businesses to whom the inventory management software is best suited.

Inventory management for small business	Consumer goods inventory management software	Inventory management solution for retail business
Departmental store inventory management software	Inventory management system for Manufacturing business	Inventory Management software for trading business
Wholesale Trading inventory management software solution	Inventory Management software for medical store	Inventory management software for suppliers on e-commerce platform

Get Started with a free trial of TallyPrime Inventory Management Software Free Trial Today!

Video Guide - Inventory Management Made Easy with TallyPrime

Inventory Management FAQs

What are the different methods of inventory management?

There are different types of inventory management methods such as ABC analysis, Just in time (JIT), Fast, slow, and non-moving (FSN), etc.

What is the role of inventory management?

The key role of inventory management is to ensure the right level of inventory at the right time and keep the inventory handling cost low.

What are inventory management tools?

Stock ageing tools
Re-order level
Inventory analysis
Inventory valuation
Inventory storage (Warehouse, batch, lots)

What are the basic components of Inventory Management?

Inventory control
Inventory optimization
Inventory analytics
Inventory valuation

How to manage inventory efficiently?

Organizing the stock, optimizing the cost, maintaning optimum inventory levels, etc. are some of the key things to managing inventory efficiently. This is easily doable using inventory management software. Read How to become more efficient in Inventory Management to know more.

What is inventory management in the supply chain?

Inventory management is the supervision of noncapitalized assets -- or inventory -- and stock items. As a component of supply chain management, inventory management ensures the optimum flow of goods from manufacturers to warehouses and from these facilities to point of sale.

Which stock maintenance software is best?

TallyPrime is one of the best stock maintenance software solutions in the world, known for its accounting, stock control, reporting, and payroll features. With TallyPrime, you don’t need to pay extra for additional features, which makes it affordable for small and medium businesses. It is used by 2 million businesses worldwide. Want to know its features? Click here!

What is a stock maintenance system?

A stock maintenance system is an inventory control plan where the goods purchased from a supplier are stored in a warehouse and sold to the customer. Maintaining these stock levels and the movement of goods in and out of the warehouse is called a stock maintenance system.

How to choose the best inventory management software?

TallyPrime is a flexible inventory management software solution that helps small and medium businesses to manage the optimum levels of inventories always. It’s so flexible that it adapts to the way you work. Not just that! The insightful reports help you manage your business better. To choose the most preferred inventory management software for your business, you must ensure that it has these capabilities.

How much does inventory management software cost?

The cost of inventory management software differs. However, comprehensive business management software like TallyPrime comes at a nominal cost. To know more about TallyPrime's pricing, click here.

How does inventory management software work?

Inventory management software helps businesses track and manage their inventory, get visibility into the stock, maintain optimal amounts of inventory, and much more.

What are the 3 major inventory management techniques?

Inventory management can be defined as a whole lot of activities done to maintain an optimum number of inventories to ensure uninterrupted production, sales, high customer satisfaction, reduced inventory handling cost, and so on. The three major inventory management techniques are - ABC analysis, Just in time (JIT), Economic order quantity (EOQ). Find out more here!

What are the 3 types of inventory?

A crucial aspect of efficient inventory management is to know and understand the different types of inventories you deal with. This is because, importance, requirements, inventory level, treatment, etc. differ on the basis of the type of inventory. For example, the way you look at raw materials differs from the finished product. Divided into 3 parts, the inventory types are the Input stage, process stage, and output stage. Read more about the types of inventory!

How do you calculate inventory shrinkage?

To measure the amount of inventory shrinkage, it is important to conduct a physical count of the inventory and derive its cost. Post this analysis, you must subtract this cost from the cost listed in the accounting records. Now, divide the difference by the amount in the accounting records to arrive at the inventory shrinkage percentage.

What should be considered when purchasing inventory management software?

While choosing an inventory management software, ensure to check the following aspects - whether the software can adapt to your requirements, ease of use, adaptability, and more.